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Midland National Life Insurance Company

Date Filed:January 5, 2007Court:U.S. District Court, District of IowaType of Case:Investor FraudStatus:ActiveCompany Name:Midland National Life Insurance Company

CASE SETTLED:

A settlement was reached in the Midland National Life Insurance Company class action, with final approval granted in 2012. The settlement returned about $80 million, benefiting more than 70,000 senior citizens.

Hagens Berman Sobol Shapiro filed a class-action lawsuit against Midland National Life Insurance Company, claiming the company engaged in a scheme to reap profits by exploiting and preying on senior citizens. The complaint states that Midland National knowingly sold deferred annuity products to senior citizens that would not mature until after the annuitant's life expectancy.

The suit asked the court to end what it claims are unfair, improper and unlawful practices and sought damages caused by Midland National's actions.

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